Containers await departure as crews load and unload consumer products at the Port of New Orleans along the Mississippi River in New Orleans, Louisiana June 23, 2010. REUTERS/Sean Gardner

NEW YORK (Reuters) - The U.S. economy is on track to grow at a 5.4 percent annualized rate in the first quarter following the latest data on manufacturing and construction spending, the Atlanta Federal Reserve’s GDPNow forecast model showed on Thursday.

The latest estimate on gross domestic product was faster than the 4.2 percent growth pace calculated on Monday, the Atlanta Fed said.